On May 8, Bittrex bitcoin exchange filed a bankruptcy protection petition with a Delaware court in the United States. This is reported Reuters.
According to the lawsuit, the company’s assets and liabilities range from $500 million to $1 billion. The number of creditors exceeds 100,000.
Two “daughters” – Bittrex Malta Ltd. and Bittrex Malta Holdings Ltd. have filed similar applications. According to the documents, the bankruptcy will not affect the international platform Bittrex Global.
The trading platform filed for bankruptcy less than a month after a lawsuit from the US Securities and Exchange Commission (SEC). The regulator accused Bittrex of operating an unregistered securities exchange.
In early April, the company announced that it was curtailing operations in the United States due to “regulatory uncertainty.” The exchange asked customers to withdraw funds before the end of the month.
Bittrex has tagged 16 clients with more than $1M in their account without naming them. The largest unclosed account on the platform holds $14.6 million in assets. The exchange intends to go to court for a limited reopening of accounts.
In May, blockchain startup Everledger filed for voluntary bankruptcy and liquidation after failing to raise funds from investors.
Source: Cryptocurrency
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